sorry to repeat this? 7pm friday... I hadnt read it till now
both stocks peaked up on open SNN still well in the money CMO @ 3.0 converts to 15.34c and up 7% CMO needs to close above 3.1 for a new high and TA trigger..
ASX Release 18 May 2007 Commoditel and Sonnet Joint Bid for Mobile Customer Base Commoditel Limited (ASX: CMO) and Sonnet Corporation Limited (ASX: SNN), through a joint venture company CS Mobile Pty Ltd, are actively pursuing consolidation opportunities in the Australian telecommunications market and have submitted an offer to purchase a mobile customer base from a third party. CS Mobile is jointly owned by Commoditel and Sonnet on a 50/50 basis. The companies have appointed one director each to the board of CS Mobile. In the event that the proposed friendly takeover of Sonnet by Commoditel is successful, CS Mobile will be 100% owned by the merged group. Sonnet will focus on the provision of operational services and solutions to the joint venture and Commoditel will focus on retail distribution, sales and marketing. While basic commercial terms with the third party have been agreed, the terms are non binding and remain incomplete. CS Mobile anticipates that final agreement can be reached by early June 2007. Full details of the acquisition will be released if binding terms are reached and the companies will continue to keep the market informed of all acquisition developments as they arise. For further information please contact: David Sweet Marcel Dufour Managing Director Managing Director Commoditel Limited Sonnet Corporation Limited PH: 0414 888 999 PH: 02 8425 4462
CMO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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